Thomas Cook is a well-known travel company. India’s continuing concentration on the Foreign Exchange market has ensured the country’s dominance in the Forex services market. The strategic objective of specialization has been driven along four important axes: scale, speed, skill, and service, resulting in it becoming India’s largest non-bank Foreign Exchange services provider.
Every year, the Company’s Foreign Exchange division services over 1 million retail consumers through its website and over 100 Forex outlets across 65 metros and Tier 2-4 cities/towns across India. The company also serves over 1000 corporate clients, has issued over 1 million Forex prepaid cards, and has over 1 lakh students studying abroad who use the company’s fees and other remittance services. The company has 21 counters at major airports and works with more than 1500 Forex agency partners nationwide.
Thomas Cook India’s Forex company launched on a pre-pandemic journey of digitalization, leveraging the lockdown to accelerate its digital transformation, with a clear aim to embrace the opportunity of India’s rapidly increasing digital ecosystem and generate scale and speed.
For contactless and safe transactions : Launched the Virtual Forex Branch, equipping its teams with VPN telephony/auto-diallers to stay connected and assist customers from the comfort of their homes; the innovative FXMate digital tool to support B2B partners with virtual Foreign Exchange services; online remittances and card top-ups that proved invaluable for students stranded overseas with quick settlements
Customers today have more choice and convenience because of the Company’s unique Omnichannel model: Bookings are simple, secure, and quick through its Online Forex Store; support is available through its phone center, or customers may come into their nearest Forex outlet to deal with an in-store professional.
Thomas Cook Forex’s attention to digital transformations has been extremely beneficial to the company. It assisted the firm in achieving a 2x rise for Q3 FY22 in value, over Q3 FY21; high QoQ transactions with a 72 percent increase over Q3 FY21; and 140 percent increase in card loads over Q3 FY21. The education market has even outperformed pre-pandemic 2019 levels by 111 percent in Q3 FY20 and recovered by 174 percent in Q3 FY22 over Q3 FY21, with over 1600 FXMate partners using a digital platform earning Rs. 375 crore in sales.
Thomas Cook India is more bullish on the space than it has ever been, and to coincide with the resumption of travel, it has launched a marketing campaign positioning the brand as India ka Forex Specialist, inspiring confidence in all and providing a seamless-secure experience. In other words, with Thomas Cook, all of the complexity of Forex requirements are handled through a simple, painless process, resulting in an unrivaled client commitment in the form of Ghar pe Forex – delivered to your doorstep in 2 hours!
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